Illinois House Bill 2461 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 6-0)
Status: Failed on December 3 2014 - 100% progression
Action: 2014-12-03 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Creates the Automatic Individual Retirement Account Program Act. Establishes a portable retirement savings program for employees of employers that have not offered a qualified retirement plan to their employees within the last 2 years. Provides for the deduction of moneys from the wages of persons enrolled in the program. Provides for the deposit of those moneys in the Automatic IRA Program Fund. Authorizes a 7-member board to invest those moneys, choose permitted retirement program investment options, and make other programmatic decisions. Sets forth requirements pertaining to the Board and its composition and duties. Grants the Department of Employment Security administrative and enforcement powers. Also contains provisions concerning: investment firms; permissible investments; default enrollee contributions; investment policies; payroll deduction retirement savings arrangements; duties and liabilities of the State and employers; enrollee information packets; required audits and reports; penalties; rules; and program implementation. Amends the State Finance Act. Adds the Automatic IRA Program Fund and the Department of Employment Security Administrative Enforcement Fund. Effective immediately.

AUTOMATIC IRA PROGRAM ACT

Rep. Deborah Mell [D]	Rep. Barbara Currie [D]	Rep. Monique Davis [D]	Rep. Maria Berrios [D]
Rep. Daniel Burke [D]	Sen. Sara Feigenholtz [D]

Date	Chamber	Action
2014-12-03	House	Session Sine Die
2013-03-22	House	Rule 19(a) / Re-referred to Rules Committee
2013-03-21	House	Remains in Financial Institutions Committee
2013-03-21	House	Motion Do Pass - Lost Financial Institutions Committee; 004-006-000
2013-03-19	House	Chief Co-Sponsor Changed to Rep. Daniel J. Burke
2013-03-19	House	Added Chief Co-Sponsor Rep. Daniel J. Burke
2013-03-15	House	Added Co-Sponsor Rep. Sara Feigenholtz
2013-03-14	House	Added Chief Co-Sponsor Rep. Maria Antonia Berrios
2013-03-14	House	Removed Co-Sponsor Rep. Maria Antonia Berrios
2013-03-14	House	Added Co-Sponsor Rep. Maria Antonia Berrios
2013-03-08	House	Added Chief Co-Sponsor Rep. Monique D. Davis
2013-03-07	House	Added Chief Co-Sponsor Rep. Barbara Flynn Currie
2013-03-04	House	Assigned to Financial Institutions Committee
2013-02-20	House	Referred to Rules Committee
2013-02-20	House	First Reading
2013-02-20	House	Filed with the Clerk by Rep. Deborah Mell

Chapter	Article	Section	Citation Type	Statute Text
30	105	5.829	New Code	See Bill Text
30	105	5.830	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2461&GAID=12&DocTypeID=HB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/HB/09800HB2461.htm